1921 $20 AU58 PCGS. Over the years, the 1921 has gradually
emerged as the third-rarest regular issue Saint-Gaudens double
eagle, behind only the uncollectible 1933 and the prohibitively
rare 1927-D. Since the mintage of the 1921 is 528,500 pieces, what
happened to them all? Why has PCGS certified only 93 examples in
all grades? Almost certainly, more than 99% of the mintage remained
in Treasury holdings until the 1933 FDR gold recall prevented their
release into collector hands.
Eventually, those coins were melted into ingots housed in the
legendary gold vault of Fort Knox. Since few collected late-date
double eagles in 1921, and international commerce needs were met by
Treasury releases of 1922 to 1928 double eagles, the only demand
for 1921 twenties came from the Treasury itself, which used them to
back gold certificates.
Anyone could have obtained a 1921 twenty (or even a 1927-D) prior
to 1933 simply by writing a letter to the Treasury with proper
payment. This method maintained the Joseph C. Mitchelson collection
at the Connecticut State Library during the 1920s. Some 1921 double
eagles apparently went into non-numismatic hands, since a majority
of the PCGS pieces are in AU grades, especially AU55 to AU58. Such
pieces were probably set aside as a novelty by non-collectors,
since gold coins of any date seldom circulated after World War I.
Only after the FDR gold recall did such keepsakes suddenly attain
significant collector value.
The present piece is likely such a lightly handled keepsake.
Although both sides display unbroken mint bloom, slight friction is
noted on Liberty's nose, chest, and raised knee. The rich
orange-gold surfaces display only scattered minor marks. The 1921
is typically the final date added to an important collection of
Saint-Gaudens twenties, and the present example provides a rare
opportunity to obtain an example under six figures. Population: 25
in 58, 45 finer (12/08).See: Video Lot Description(Registry
values: N7079) (NGC ID# 26G2, PCGS# 9172)

The Coinage of Augustus Saint-Gaudens is an issue-by-issue examination of these two artistically inspired series of gold coins.
Each date and mintmark is reviewed with up-to-date information, much of which has never been previously published. The book is based on
two extraordinary collections: The Phillip H. Morse collection and the Dr. and Mrs. Steven L. Duckor collection.